Assignment C1. Econometrics isa. A modern name for economicsb. A specialized branch of

Assignment C1. Econometrics isa. A modern name for economicsb. A specialized branch of economics which applies the tools of statistics to the economic problemsc. A branch of economics which combines macroeconomic principles with welfare economicsd. A branch of economics which combines microeconomic principles with international tradee. A specialized branch of economics which describes neo-classical microeconomics2. Which of the following comes under the broad definition for factors of production?a. Technologyb. Obsolete machineryc. Innovationsd. Capital3. Which of the following statements is true?a. When the supply increases, both the price and the quantity will increase.b. When the supply increases, the supply curve shifts towards the leftc. A shift in the supply curve towards the right results in a fall in the priced. A decrease in the quantity supplied results in shifting of the supply curve towards the left.e. An increase in the quantity supplied leads to a fall in the price resulting in the shifting of the supply curve towards the left.4. Which of the following statement(s) is/are false?a. If the demand falls, the price will fall.b. As the price rises the quantity demanded will fall.c. If demand rises, the demand schedule shifts to the left.d. Both (a) and (b) above.5. Which of the following statements is false?a. An increase in tax will affect the customers more than the producers if the supply schedule is inelastic.b. An increase in tax will affect the customers more than the producers if the demand schedule is inelastic.c. An increase in tax will affect the customers less than the producers if the supply schedule is inelastic.d. An increase in tax will affect the customers less than the producers if the demand schedule is inelastic.e. Both (a) and (d) above.6. Which of the following statements is true?a. Elasticity of demand is constant throughout the demand curve.b. Elasticity of demand increases as one goes down the demand curve.c. Elasticity of demand decreases as one goes down the demand curve.d. The slope of the demand curve equals its elasticity.7. For complementary goods, the cross elasticity of demand will bea. Zero.b. Infinity.c. Positive, but less than infinity.d. Negative.8. When the income elasticity of demand for a good is negative, the good isa. Normal good.b. Luxury good.c. Inferior good.d. Giffen good.9. If both income and substitution-effects are strong, this region of the demand curve must bea. Relatively price elastic.b. Relatively price inelastic.c. Unit-elastic.d. Perfectly inelastic.10. If a good has close substitutes,a. Its demand curve will be relatively elastic.b. Its demand curve will be relatively inelastic.c. Its demand curve could be unit-elastic.d. Either (a) or (c).11. The demand for most products varies directly with the change in consumer income. Such products are known asa. Normal goods.b. Prestigious goods.c. Complementary goods.d. Inferior goods.12. Which of the following statements is true with regard to price elasticity of demand?a. Elasticity remains constant throughout the demand curve.b. Elasticity increases with increase in quantity demanded.c. Elasticity increases as the price decreases.d. Elasticity is equal to the slope of the demand curve.13. Which of the following goods can be considered substitutes?a. Pen and Paper.b. Car and Petrol.c. Bread and Butter.d. Tea and Coffee.14. Which of the following statements concerning indifference curves is true?a. An indifference curve is the locus of points describing proportional price levels of the two goods.b. Indifference curves pre-suppose the measurement of total utility and marginal utility.c. An indifference curve is the locus of points representing various combinations of two goods about which the consumer is indifferent.d. Indifference curve pre-suppose the validity of “the law of diminishing returns”15. If a change in all inputs leads to a proportional change in the output, it is a case ofa. Increasing returns to scaleb. Constant returns to scalec. Diminishing returns to scaled. Variable returns to scale16. Isoquants area. Equal cost linesb. Equal product linesc. Equal revenue linesd. Equal total utility lines17. When average product is highesta. Total product is maximumb. Marginal product is maximumc. Marginal product is zerod. Marginal product is negative18. If marginal product is negative, it means that thea. Total product is at maximumb. Average product is at maximumc. Average product is fallingd. Average product is negative19. Which of the following curves is called envelope curve?a. Long run total cost curveb. Long run average total cost curvec. Long run marginal cost curved. Long run average variable cost curve20. Which of the following costs remain constant as the output increases?a. Marginal costb. Average variable costc. Average fixed costd. None of the above21. In perfect competition, a firm maximizing its profits will set its output at that level wherea. Average variable cost = priceb. Marginal cost = pricec. Total cost = priced. Average fixed cost = price22. Which of the following curves resembles supply curve under perfect competition in the short run?a. Average cost curve above breakeven pointb. Marginal cost curve above shut down pointc. Marginal utility curved. Average utility curve23. Which of the following is not a feature of perfect competition?a. Large number of seller and buyersb. No one is large enough to influence the market pricec. Homogeneous productsd. A horizontal demand curve24. In the long run, a perfectly competitive firm earns only normal profits because ofa. Product homogeneityb. Large number of seller and buyer in the industry’c. Free entry and exit of industryd. Both (b) and (c) abovee.Both (b) and (c) above25. The horizontal demand curve for a firm is one of the characteristic features ofa. Oligopolyb. Monopolyc. Duopolyd. Perfect competition26. A perfectly competitive firm can increase its sales bya. Reducing the priceb. Increasing the pricec. Increasing the productiond. Increasing the expenditure of advertisement27. Which of the following is not a source of market imperfection?a. Technologyb. Size of the firmc. Product differentiationd. Availability of resources28. The maximum profit condition for a monopoly firm isa. Total cost should be minimumb. Total revenue should be maximumc. Marginal revenue is equal to marginal costd. Quantity should be maximum29. “Four-firm concentration” refers toa. The number of firms in an industryb. The four largest firm in four different and important industries in an economyc. The number of industries in an economy which have only four firmsd. The percent of the total industry output that is accounted for by the largest four firms30. Market inefficiencies can come froma. Externalitiesb. Monopoliesc. Imperfect informationd. All of the above31. A monopolist who faces a negatively sloped demand curve operates in the region where the elasticity of demand isa. Less than 1b. Equal to 1c. Greater than 1d. between 0 and 132. In which of the following market structures the entry is least difficult?a.monopolistic competitionb. oligopolyc. duopolyd. regulated monopoly33. Which of the follow is false in a monopolistic competition?a. Each firm could be market leader in its product segmentb. Identical productsc. Easy entry and exitd. Price of the competitor is the benchmark price34. The term “differentiated product” denotesa. Different products in similar packetsb. Different productsc. Same product used in different applicationsd. Different products used by a differentiated set of people35. Which of the following is common feature in both a monopolistic competitive market and oligopoly market?a. Product differentiationb. Interdependence among member firmsc. Kinked demand curved. Entries blocked36. The term “collusion” refers toa. A situation in which government sets prices with the market leader in oligopolyb. A situation in which government jointly sets prices with the small players in an industry in the larger interest of the societyc. A situation in which all firms in an industry decide the price and outputd. A situation in which two powerful groups in an industry hand with government to rule the industry37. Which of the following does not likely to lead to the failure collusive oligopoly?a. Secret price cuttingb. More number of firmsc. Undifferentiated productsd. Rapidly changing technology38. Price leadership refers toa. Pre-emptive pricing made possible by the learning curveb. A form of price collusionc. The maintains of a monopolistic priced. Cut throat competition39. A cartel isa. A group firms which get together and make joint price and output decisions to maximize joint profitsb. Form of tacit collusionc. Type of oligopoly in which curve is kinkedd. Duopoly40. A zero-sum game is one in whicha. The gain of one player equals the loss of another playerb. The gain of one player will not equal the loss of another playerc. The maximin equals the minimaxd. The equilibrium and the dominant equilibrium are the same

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